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Benchmark U.S. crude lost 79 cents to US$19.33 per barrel in electronic trading on the New York Mercantile Exchange, dipping below $20 per barrel after an International Energy Agency report forecast that demand will drop by 9 million barrels per day in 2020, and by 29 million barrels per day in April.The drop came despite an agreement over the weekend among OPEC and other oil producers to cut output to reflect collapsing demand. The contract fell $2.30, or 10.3%, on Tuesday to close at $20.11.
"The IMF forecast a deep economic winter," said Hayaki Narita of Mizuho Bank in a report. Narita said, however, investors appear to be looking past that to the IMF's prediction of a "spring-back in growth" to 5.8% next year. The Shanghai Composite Index lost 0.6% to 2,811.17 and the Nikkei 225 in Tokyo declined 0.5% to 19,550.09. Hong Kong's Hang Seng was off 1.2% at 24,145.34.
President Donald Trump has been discussing how to roll back federal social distancing recommendations. U.S. governors are collaborating on plans to reopen their economies in what is likely to be a gradual process to prevent the coronavirus from rebounding. The IMF expects economic contractions this year of 5.9% in the United States, 7.5% in the 19 European countries that share the euro currency, 5.2% in Japan and 6.5% in the United Kingdom. The Fund said China, where the pandemic originated, should eke out 1.2% growth this year, better than some private sector forecasters who expect little to no growth in the world's second-biggest economy.
WTI $19.59 & sinking. Brent $28.31 & headed down too. Way too much production. No demand. 🇺🇸 shale is cutting production whether they want to or not. No storage space soon.
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